Condo Insurance
Whether you want coverage for the entire condo association, or just your individual condo unit, we have a number of insurance carriers with very competitive condo program’s available to us. All of our carriers are rated A or A+ on AM best rating system, which means they’re financially strong and stable. To inquire about a insurance company’s AM Best rating, go to http://www.ambest.com/ and sign up for a free account.

A brief explanation of each coverage part is listed below. For a complete explanation, please review your policy or call us to directly.

Condo Unit-Owner Policy (HO-6)

Condominium ownership presents unique challenges. Many condominium association insurance policies cover the main structure including the interior building items, while others transfer the responsibility to the unit owner. That’s why we carefully read the condominium documents to make sure the unit owner properly covered.

When insuring your condo unit, it’s extremely important to make sure there are no gaps in coverage between the master policy, which covers the entire building(s) and the unit-owner policy.

In order to properly quote a Condo Unit-Owner policy, the following documents are needed:

1. Copy of the Insurance section of the bylaws
We must obtain this insuring agreement section of the condo documents in order to pinpoint the insurance requirements.

2. Copy of the Master Policy Declaration pages (an up-to-date Certificate of Insurance is also acceptable). This will allow us to see what the deductible is on the master policy and properly set your coverage limits to avoid any gaps in coverage.

3. Mortgage Requirements (if any)

What is covered on an HO-6?

Coverage A: Additions, Alterations, appliances, and improvements to the condo unit.
Items such as fixtures, built-in cabinetry, countertops, sheetrock, floor coverings and mounted lighting may be the responsibility of the unit-owner.

In order to determine the appropriate amount of coverage for these important items, it’s imperative that we obtain and carefully read the following 2 documents:

1. “the insurance section of the condo bylaws”
2. and a copy of the Master policy declarations page(s)

Coverage is contingent upon the language in the condo bylaws. A condo unit-owner policy works in conjunction with the master policy to fully cover both the individual unit-owner as well as the entire building(s) (or association).

It’s imperative to have both policies to fully coverage everything from your personal property to the roof of the building.

Coverage B: Not available on an HO-6

Coverage C: Personal Property

Personal property includes furniture, clothing, and household goods. It’s important to know that personal property is covered anywhere in the world. Whether at your residence, in storage, or in transit during a move, your personal property is covered. It’s a good idea to take an inventory of all personal belongings to help us determine your coverage limit.

To better protect the policyholder, we always recommend adding “Personal Property Replacement Cost” to your policy. This endorsement will cover personal property on a replacement cost basis and no depreciation will be factored in. Your personal property will be replaced brand new in the event of a claim.

“Scheduled Personal Property”
This property endorsement allows an insured to individually list pieces of property that possess a higher value than that which is covered by the basic policy. The following are the most common classes of scheduled personal property:

*We must obtain a recent appraisal in order to properly “schedule” these types of items on your policy. Once scheduled, these items are covered anywhere in the world and are not affected by your deductible.

Coverage D: Loss of Use
This coverage section will pay the insured for additional living expenses while living at another location if the apartment is unlivable due to a covered peril. For example, it would cover hotel fees incurred by the insured while their apartment is being repaired due to a covered claim.

Coverage E: Personal Liability

Personal Liability protects an insured if a legal suit is brought against him or her as a result of legal responsibility for bodily injury or property damage. This coverage protects an insured if another person is injured on any insured location. It would also protect the insured, spouse and family who are legally responsible for Bodily Injury or Property Damage to others arising out of personal, non-business activities.

“Personal Umbrella”
To better protect the policyholder, we always recommend adding a “Personal Umbrella,” which provides additional or excess liability coverage above and beyond your personal liability limit on your policy. It also provides broader protection not always provided by the primary or underlying policy. It will drop down to provide coverage as if it were a primary policy for certain exposures that are not protected by the underlying policy (ie Personal Injury). Additional defense costs are also provided by many umbrella policies.

Coverage F: Medical Payments

Coverage “F” states that the insurer will pay the necessary medical expenses incurred within 3 years of an accident causing bodily injury to others arising from an insured location or as a result of the personal activities of any insured.

Note – Another important coverage for the condo unit-owner is Loss Assessment Coverage. This coverage is very inexpensive and provides valuable coverage to the unit-owner in the event of an assessment caused by covered peril.